The boss of HSBC Innovation Banking Erin Platts is set to join fintech-focused venture capital firm Octopus Ventures as UK chief exec.

HSBC Innovation Banking provides financing for start-ups, scale-ups and VC investors, and was previously known as Silicon Valley Bank (SVB). SVB collapsed in March 203, before HSBC stepped in to buy its UK operations.

Octopus is one of the UK’s most prolific VC investors, funding Depop, Zoopola, and Graze among many others.

Platts is set to continue in her current role until December and will work towards finding a successor in the position before she joins Octopus in January.

The outgoing CEO will also continue to work with HSBC Innovation Banking in the capacity of a special advisor.

HSBC Innovation Banking has continued to play a key role in UK FinTech financing in recent years; it poured £34m of debt financing into spend management platform Pleo in May 2024.

“I will remain a huge champion and advocate for HSBC Innovation Banking. I remain bullish that the UK and Europe is an amazing place to start and scale innovation businesses and I look forward to continuing to support founders in,” she said in a post on her personal Linkedin.

Simon Rogerson, Octopus Group co-founder and chief executive, said Platts’ appointment will help Octopus Ventures head into its “next phase of growth”.

“You need strong teams, capital at every life stage and people in your corner who will champion your vision,” said Rodgerson. “Erin has been that champion for decades and I couldn’t think of a person better equipped than her to lead our venture capital business into its next phase of growth.”

“Her ability to scale a business is remarkable. Her verve and optimism for the founder community is contagious and we can’t wait to have her on board in the new year.”

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